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Elderly retirees face big losses after Chinese trust goes bust, reflecting turbulent economy

Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the southwest city of Chengdu, announced it was insolvent in 2020, stricken by sketchy accounting and failed investments in shopping malls and other projects. A deadline earlier this month to accept a 20%-60% “haircut” or loss on their investments has left some investors in deep financial trouble, according to public announcements and AP interviews with five people affected. ....

Michael Pettis , Zhu Zhenxin , Li Qiang , Liu Canglong , Elaine Kurtenbach , Tsinghua University , Rushi Finance Institute , Fitch Ratings , National People Congress , Insurance Regulatory Commission , National People , Sichuan Trust , Communist Party , China Banking , Writer Elaine Kurtenbach ,

Elderly retirees face big losses after Chinese trust goes bust, reflecting turbulent economy – Metro US

Elderly retirees face big losses after Chinese trust goes bust, reflecting turbulent economy – Metro US
metro.us - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from metro.us Daily Mail and Mail on Sunday newspapers.

Elaine Kurtenbach , Michael Pettis , Li Qiang , Liu Canglong , Zhu Zhenxin , Tsinghua University , Insurance Regulatory Commission , Rushi Finance Institute , Fitch Ratings , National People Congress , National People , Sichuan Trust , Communist Party , China Banking , Writer Elaine Kurtenbach ,

Public Anger Grows at China's Struggling Shadow Banks

It s legalized robbery The troubles at Sichuan Trust are a microcosm of the strain spreading through China s 2.3tn trust industry as an economic downturn, combined with tighter ....

Liu Canglong , Diana Choyleva , China National Administration Of Financial Regulation , National Administration , Financial Regulation ,